Payments received prior to and including March 31st each year must be recorded as revenue for year-end reporting. The Cash Office will process deposits for the fiscal year up to the end of the first business day in April.
Financial Services requires any late payments received to be delivered to the Cash Office as soon as they are received. Financial Services will determine if the revenue should be recorded for year-end reporting, or if it will be recognized in the new fiscal year beginning April 1st.
Payments received for revenue that has not been earned, will be set up as Deferred Revenue by Financial Services. Financial Services will track the deferred revenue account and will transfer to revenue accounts in the new fiscal year each April.
An example of deferred revenue would be when a department collects payments for a field trip occurring in the summer. The payments are required in March, however the actual trip is in July. The revenue will be deferred and transferred back to a revenue account in the new fiscal year.